Primerica (NYSE:PRI) Shares Gap Down After Earnings Miss

Shares of Primerica, Inc. (NYSE:PRI - Get Free Report) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $222.55, but opened at $211.54. Primerica shares last traded at $215.86, with a volume of 16,533 shares trading hands.

The financial services provider reported $3.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.12 by ($0.21). Primerica had a return on equity of 27.83% and a net margin of 20.37%. The company had revenue of $742.83 million for the quarter, compared to the consensus estimate of $740.57 million. During the same period in the prior year, the firm posted $3.49 earnings per share. The business's revenue was up 7.7% on a year-over-year basis.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 21st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.37%. The ex-dividend date is Monday, May 20th. Primerica's dividend payout ratio is presently 18.89%.

Analyst Upgrades and Downgrades

PRI has been the subject of several recent research reports. StockNews.com raised shares of Primerica from a "hold" rating to a "buy" rating in a research note on Thursday, March 7th. Morgan Stanley boosted their price target on shares of Primerica from $245.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods boosted their price target on shares of Primerica from $255.00 to $260.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 10th. Raymond James downgraded shares of Primerica from a "strong-buy" rating to a "market perform" rating in a research note on Monday, February 12th. Finally, Truist Financial boosted their price objective on shares of Primerica from $260.00 to $275.00 and gave the company a "buy" rating in a research report on Thursday, February 15th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $245.50.

Insider Buying and Selling at Primerica

In other Primerica news, President Peter W. Schneider sold 1,500 shares of the business's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $243.41, for a total value of $365,115.00. Following the transaction, the president now owns 13,259 shares in the company, valued at $3,227,373.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Peter W. Schneider sold 1,500 shares of the business's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $243.41, for a total transaction of $365,115.00. Following the transaction, the president now owns 13,259 shares in the company, valued at $3,227,373.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Adam Jendusa sold 234 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $249.81, for a total transaction of $58,455.54. Following the transaction, the insider now owns 100 shares in the company, valued at approximately $24,981. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,708 shares of company stock worth $1,648,677. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently modified their holdings of PRI. Commonwealth Equity Services LLC increased its position in shares of Primerica by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 2,367 shares of the financial services provider's stock valued at $459,000 after buying an additional 75 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Primerica by 6.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 2,271 shares of the financial services provider's stock worth $441,000 after purchasing an additional 143 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Primerica by 1.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 3,744 shares of the financial services provider's stock worth $726,000 after purchasing an additional 59 shares during the period. Stratos Wealth Partners LTD. purchased a new stake in Primerica in the third quarter worth about $284,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Primerica by 15.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,402 shares of the financial services provider's stock worth $1,436,000 after purchasing an additional 982 shares during the period. Hedge funds and other institutional investors own 90.88% of the company's stock.

Primerica Stock Down 1.4 %

The firm has a market cap of $7.61 billion, a PE ratio of 13.81 and a beta of 1.10. The stock's fifty day simple moving average is $236.60 and its two-hundred day simple moving average is $223.48.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.